Okay, back in 1959 this was just called "Santa Claus". It was a Mexican take on the Santa mythos, put to film for families! I watched it at a public mockery screening (where you go, watch movies and make fun of them Ã* la MST3K), and this was one of those few films where NOTHING needed to be said to make it any funnier. Actually, this was featured on MST3K once, but I haven't seen that episode.
Here's the best part, IMVQO:
http://www.youtube.com/watch?v=oqaDCng8LC8